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Can you summarize NVRS 104.4503?
Uniform Commercial CodeOriginal Articles > Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
Short Summary
This legal document governs the responsibility of a presenting bank for documents and goods in the context of a documentary draft. It specifies that a bank presenting a documentary draft must deliver the documents to the drawee on acceptance of the draft if it is payable more than 3 days after presentment, and only on payment if it is payable within 3 days. In case of dishonor, the presenting bank may seek instructions from any referee in case of need designated in the draft or, if it chooses not to utilize the referee’s services, it must diligently and in good faith ascertain the reason for dishonor, notify its transferor of the dishonor and the results of its effort to ascertain the reasons, and request instructions. However, the presenting bank is not obligated with respect to goods represented by the documents, except to follow reasonable instructions received. The bank has the right to reimbursement for any expenses incurred in following instructions and to prepayment of or indemnity for such expenses. No specific penalties are mentioned in this document.
Whom does it apply to?
Banks presenting a documentary draft
What does it govern?
Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
What are exemptions?
The presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada